In this post, we’ll review a potential trade setup from GBPJPY.
After a bearish sequence, the GBPJPY 1-hour chart shows bounce signals. The double bottom pattern provides us with the possibility of a potential upward move. Once the price broke up and soared over the August 05 daily high, we expect that the cross could start a short-term bullish cycle. Our scenario will activate if the GBPJPY breaks and closes above 129.816. The potential targets are at 131.624 and 132.771. The invalidation level is at 128.474.
Remember that the price is not forced to move as our outlook proposes. The chart released corresponds to an educational application of Price Action. Comments issued don’t represent an investment recommendation. Leveraged products are complex financial instruments and are not recommended for a certain type of traders. Losses can exceed deposits.